11 Useful Tips for Growing Your Business

Some days, we all need a little extra motivation. You are a self-starter. Keeping these points in mind should help. 

1. To be a million-dollar producer, you need to act like a million-dollar producer.

When you meet with a prospect, your reputation in the firm doesn’t precede you. They don’t know you do more business than anyone else in the office. When you first meet, you are just another well-dressed financial advisor wanting their business.

Lesson: Successful, established advisors don’t have a built-in advantage. They need to establish their credibility just like you. Often, it’s the confidence they radiate that gets the message across. You can do this too.

2. It’s difficult to grow your business when you focus on who you won’t do business with. 

Many people say, “I only do business with people I like.” Other might say, “I only work with engineers.” It’s fine to have a niche, but don’t turn business away.

Lesson: You might come across a prospect with a difficult personality, someone who is willing to do lots of business and not negotiate on price. Based on their personality, you might not choose them as a friend, but it’s no reason to turn their business away. 

3. You can never thank people enough.

This is an expression from the nonprofit fundraising world. People like to be thanked. If you reinforce the behavior you desire, your client will likely repeat it.

Lesson: Thank clients for sending referrals. This doesn’t get stale. When you present their annual or periodic portfolio reviews, thank them for suggesting people you might be able to help. Because of confidentiality you don’t go into details, but thank them for making the effort.

4. Everyone should have the opportunity to say no. 

In prospecting, we often look at a list of friends and think of reasons we can’t ask certain ones for business. Their situation might have improved. They might not be in a position to do business, but do they know someone else who might be interested?

Lesson: Asking them can be perceived as a compliment. They are often flattered. As long as you are polite, no one should take offense.

5. Every day is a blank canvas. 

When business is slow or the market is behaving badly, it can drain your enthusiasm. Each day is an entirely different set of circumstances. You’ve seen the stock market turn on a dime before.

Lesson: Don’t be grumpy at the start of the day. Nothing has happened to spoil it yet.

6. Persistence is a virtue.

I would often use this with prospects and clients. It gets people laughing.